The Algorand Foundation, the organization that oversees the
Algorand blockchain platform delivering speed and scalability for frictionless
finance, today announced that the network is certified for Sharia compliant
financing.
The Algorand Foundation is dedicated to fulfilling the
global promise of blockchain technology by leveraging the public,
permissionless, and open source Algorand blockchain to create an inclusive
ecosystem that provides an opportunity for everyone to harness the potential of
an equitable and truly borderless economy.
Recognizing the importance that the Islamic financial
markets bring to the global economy, the foundation enlisted the Shariya Review
Bureau (SRB) as an independent Sharia Advisor to ensure the network complies
with the critical procedures of Sharia compliant financing..
“I am pleased to hear of this certification by the Algorand
Foundation and SRB to ensure that the Algorand network is available to be used
by all,” said Steve Kokinos, CEO of Algorand.
“Our vision at Algorand has always been inclusivity. With the rapid
growth of the Islamic financial markets, I am excited that forward-thinking
Islamic enterprises will now be able to realize new business opportunities on a
platform that is congruent to their finance guidelines."
Algorand’s ecosystem has been growing substantially since
launching in June of 2019. With the Sharia certification, Algorand is open to
Islamic institutions using the platform for economic exchange and beyond. While each decentralized application built
on Algorand will need to be evaluated and vetted for Sharia compliance
financing, the Algorand Foundation is retaining the expertise of SRB and is
committed to remaining Sharia compliant as new innovation is rolled out on the
platform for the financial markets.
Headquartered in Bahrain and licensed by the Central Bank of
Bahrain, the Shariyah Review Bureau (“SRB”) has been serving the Islamic
financial markets for well over 14 years. With scholars spanning 19 countries
its Sharia certification and Sharia audit services are recognized globally.
Apart from serving Islamic banks, Takaful firms, asset management institutions
it has also been actively engaged with fin-techs like Beehive, Stellar,
Raqamyah and Wethaq across variant asset classes. From certifying technologies
used in P2P lending, to digitally monetizing undeveloped oil reserves,
tokenizing revenue shares of digital assets in luxury hotel real-estates and
approving ‘smart contracts’ under the disruptive settlement framework of a
Sukuk platform. SRB has been helping entities unlock a new perspective on the
future of technology using Islamic financial modalities.
“We are thrilled by technical achievement of the Algorand
blockchain and a future of truly scalable and secure blockchain that will serve
as a platform for Islamic financial markets to enter the newly emerging
borderless economy.,” said Yasser S. Dahlawi, Founder and CEO of SRB. “We are
now ready to help institutions seeking to build Islamic transactions on the
network have access to expertise required for attaining Sharia compliance in
their business facilities.” Yasser added, “High quality Sharia supervisory
services are critical to our business and we stand ready to support the future ambitions
of the users of Algorand in the Islamic financial market.”
ABOUT THE ALGORAND FOUNDATION
The Algorand Foundation is providing the trusted
infrastructure needed to support the growth of a borderless economy with an
approach that is decentralized by design. With research led by Dr. Tal Rabin, a
2018 Forbes World Top 50 Women in Tech, the Algorand Foundation is incorporated
in the Republic of Singapore.